# OECD: CA Mediation with Corrected Proxies

| Variable | OECD: Z→CA | OECD: Z+I/Y→CA | OECD: Z+K/Y→CA | OECD: Z+K/L→CA |
|:---|---:|---:|---:|---:|
| Z_1 | -42.0088 | 16.6352 | -42.0299 | -41.1730 |
| | (27.0534) | (22.5955) | (27.9830) | (27.2686) |
| Z_2 | 4.7752 | -1.8633 | 4.6595 | 4.7289 |
| | (3.6888) | (3.0855) | (3.8158) | (3.7168) |
| Z_3 | -0.1508 | 0.0592 | -0.1462 | -0.1520 |
| | (0.1401) | (0.1178) | (0.1450) | (0.1412) |
| fiscal_bal_gdp | 0.0458 | 0.2452*** | 0.0533 | 0.0487 |
| | (0.0346) | (0.0237) | (0.0350) | (0.0348) |
| nfa_gdp_lag | -0.4745 | -0.0604 | -0.5183* | -0.4637 |
| | (0.3042) | (0.2084) | (0.3055) | (0.3060) |
| rgdp_growth | -0.1665*** | 0.0556*** | -0.1547*** | -0.1630*** |
| | (0.0238) | (0.0166) | (0.0242) | (0.0241) |
| log_rel_opw | 2.5394** | 5.2547*** | 3.5409*** | 1.8695 |
| | (1.1319) | (1.0449) | (1.3102) | (1.3550) |
| kaopen | 0.5568*** | 0.1558 | 0.5892*** | 0.5313** |
| | (0.2075) | (0.1497) | (0.2100) | (0.2107) |
| capital_intensity | | -0.9112*** | | |
| | | (0.0240) | | |
| capital_output_ratio | | | 0.5661** | |
| | | | (0.2779) | |
| capital_per_worker | | | | 3.7921 |
| | | | | (4.3067) |
|:---|---:|---:|---:|---:|
| N | 1153 | 1153 | 1153 | 1153 |
| R² | 0.1712 | 0.0830 | 0.1082 | 0.1640 |
| Countries | 37 | 37 | 37 | 37 |

*Panel GLS with Prais-Winsten AR(1) correction, country and year FE.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*